Crown Media said its third-quarter earnings jumped as revenues rose by double digits.
Net income rose 49% to 14.9 million, or 4 cents a share, from $10 million, or 3 cents a share, a year ago.
Revenues rose 11% to $84.4 million. Advertising revenue rose 12% to $71.4 million. Sub fee revenue rose 1% to $20.7.
Programing costs rose 9%. There were more episodes of Home & Family and amortization of syndicated programming including the middle. Marketing expenses decreased by $2.6 million in the quarter, compared to a year ago, when the company promoted the first season of Cedar Cove (pictured).
“Third quarter’s achievements served as a stepping stone in the growth of Crown Media’s business. From appeasing viewers’ appetites for episodic programming with the second season of Cedar Cove to the successful rebrand of Hallmark Movies & Mysteries on September 29th and our upcoming holiday programming, these positive business strategies well position us for another record year,” CEO Bill Abbott said in a statement.